During a meeting of the RBI Monetary Policy Committee, where the repo rate was increased by 25 basis points to 6.5 percent, the governor made the announcement.
Hyderabad: ATMs continue to be extremely important, despite the nation’s increased use of internet transactions. We will soon have QR code-based vending machines that will disburse coinage according to the statement made on Wednesday by Reserve Bank of India (RBI) Governor Shaktikanta Das.
The Unified Payments Interface (UPI), rather of physically presenting the bank notes, would be used via the QR code vending machines (QCVM) that will be placed in 12 Indian cities. In the QCVMs, users will also be able to withdraw coins in the necessary amounts and denominations.
Interest rates on term deposits are increasing.
“This will make coins more easily accessible. The banks will get guidance to encourage the distribution of coinage via these machines based on the lessons learned from the trial, according to a statement from the RBI Governor obtained by ANI.
Additionally, he said that the RBI is aiming to allow all foreign visitors to utilise UPI for their merchant payments while they are in the country. Travelers from the G-20 nations will start using this service when they arrive at specific international airports.
During a meeting of the RBI Monetary Policy Committee, where the repo rate was increased by 25 basis points to 6.5 percent, the governor made the announcement.
